International Business Basics ( Part 1 )
Test Your Knowledge on International Business
Welcome to the International Business Basics Quiz! This engaging quiz will challenge your knowledge of key concepts related to international trade and business practices.
Topics covered include:
- Understanding imports and exports
- Key economic principles
- Factors affecting currency exchange rates
Is the making, buying, and selling of goods and services within a country
Imports
Balance of Trade
Balance of Payments
Domestic business
Items bought from other countries.
Balance of Trade
Domestic business
Imports
Goods and services sold to other countries.
Comparative advantage
Absolute advantage
International business
Exports
Exists when a country can produce a good or service at a lower cost than other countries.
Absolute advantage
Exchange Rate
Exports
Balance of trade
Refers to business activities needed for creating, shipping, and selling goods and services across national borders
Balance of trade
International business
Comparative advantage
Exports
The difference between the amount of money that comes into a country and the amount that goes out of it.
Balance of payments
International businese
Exports
Import
The difference between a country’s total exports and total imports.
Balance of trade
Balance of Payments
International business
Import
A country specializes in the production of a good or service over another good or service because it is relatively more efficient.
Balance of Payments
International business
Comparative advantage
Balance of trade
State of a country’s economy
Economic conditions
Political stability
Balance of trade
Balance of Payments
Changes in other country’s government (new leaders, laws, etc.)
Balance of trade
Political stability
Economic conditions
Balance of payments
Three main factors affect currency exchange rates:
Balance of payments , Economic conditions, Political stability
Balance of payments, Balance of trade, Imports
Balance of payments, balance of trade, export
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